This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. Biren Technology IPO: China’s “NVIDIA Moment” and The Rise of a Homegrown AI Chip Champion
- Biren Technology, a Shanghai-based fabless chip design company that develops intelligent processors for GPU and DSA computation architectures, filed to go public in Hong Kong.
- Biren Technology was founded in 2019 by CEO & Chairman Mr. Wen Zhang, who previously worked at AI software company SenseTime Group Inc.
- This is a red-hot upcoming IPO to watch, in my view. Moore Threads and MetaX Integrated Circuits have recently raised $1.1B and ~$600M in their public share offerings in Shanghai.
2. Shanghai Biren Technology Pre-IPO – Growing Rapidly, Sometimes
- Shanghai Biren Intelligent Technology, a GPGPU chips and computing solutions provider, aims to raise around US$600m in its Hong Kong listing.
- According to CIC, Biren was the first company in China to package dual AI computing dies using 2.5D chiplet technology and the first to support advanced interconnection specifications.
- In this note, we look at the company’s past performance.
3. Shanghai Biren Technology IPO – It’s Not Cheap, but Neither Are Its Peers
- Shanghai Biren Intelligent Technology, a GPGPU chips and computing solutions provider, aims to raise up to US$624m in its Hong Kong listing.
- According to CIC, Biren was the first company in China to package dual AI computing dies using 2.5D chiplet technology and the first to support advanced interconnection specifications.
- We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.
4. Pre-IPO InSilico Medicine – Thoughts on Valuation, Peer Comparison and Forecast
- The IPO pricing reflects the liquidity value brought by IPO and recognition of cornerstone investors, but InSilico is facing huge uncertainties.Its value will take several years to be verified.
- Our revenue forecast is US$55 million/US$70-90 million/US$100-150 million in 2025/2026/2027, respectively. Insilico may suffer losses in the next three years, but in 2027, the Company may turn loss into profits.
- The essential difference between QuantumPharm and InSilico lies in business models. We’re more optimistic about InSilico in long term, whose valuation may surpass QuantumPharm if InSilico can develop blockbuster drugs.
5. Biren Technology IPO (6082.HK): Signals Investor Conviction With Higher Valuation Vs. Prior Funding
- Biren Technology, a Shanghai-based developer of GPGPU chips and GPGPU-based intelligent computing solutions, is expected to price the offering next week.
- The company’s Global Offering puts the initial price range per share at HK$17.00 to HK$19.60, implying a market cap of ~HK$44.6B or ~$5.7B at midpoint on a fully diluted basis.
- After enjoying years of technological and market share dominance in the GPU space in China, NVIDIA faces growing competition from “four little dragons” – MetaX, Moore Threads, Biren and Enflame.
6. Biren Technology IPO Preview
- Biren Technology is getting ready to complete its IPO in Hong Kong on 2 January 2026. The IPO price range is from HK$17.00 to HK$19.6 per share.
- Biren Technology is China-based semiconductor company specializing in general-purpose computing on graphics processing units (GPGPU) and GPGPU-based intelligent computing solutions. Its mission is to deliver foundational computing power for AI.
- The company has experienced a significant revenue growth from from RMB 0.5 million in 2022 to RMB 62.0 million in 2023 and RMB 336.8 million in 2024.
7. ECM Weekly (22 December 2025) – SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, HK IPOs continue to be launched into the year end.
- On the placements front, there are a number of lockup expiries coming up over the next few weeks.
8. OneRobotics (Shenzhen) Co IPO: Strong Topline Momentum, but Japan Plays a Pivotal Role
- OneRobotics (Shenzhen) Co (ONE HK) is looking to raise US$231m in its upcoming Hong Kong IPO.
- OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.
- In this note, we look at the company’s past performance and valuations.
9. Hanx Biopharm (翰思爱泰) IPO Trading
- Hanx Biopharm raised HKD 586m (USD 76m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday December 23, 2025.
- In our previous note, we looked at the company’s core products, management track records.
- In this note, we provide an update for the IPO before trading debut.
10. Pre-IPO Guangdong Rong Tai Pharmaceutical – Low Profitability Is a Pain Point
- As a digital circulation platform, Rong Tai’s business essence is a “middleman”, with limited added value and a naturally lower profit margin than that of R&D-oriented pharmaceutical companies.
- Rong Tai’s profitability is disappointing. It’s difficult for the Company to bring decent returns to investors. This actually reflects from the side the flaws of Rong Tai’s business model/channel resources.
- Reasonable valuation is RMB1.6bn, lower than post-money valuation after Series B Financing(RMB2.7bn). If market sentiment is pessimistic at the time of IPO, there could be big downward space for valuation.
